-- Posted 5 November, 2010 | | Source: SilverSeek.com
| Close | Gain/Loss | On Week |
Gold | $1397.50 | +$14.80 | +3.02% |
Silver | $26.74 | +$0.80 | +8.96% |
XAU | 214.91 | +0.37% | +5.19% |
HUI | 549.91 | +0.32% | +5.30% |
GDM | 1655.73 | +0.16% | +4.87% |
JSE Gold | 2703.95 | +90.83 | +4.45% |
USD | 76.58 | +0.72 | -0.78% |
Euro | 140.36 | -1.64 | +0.86% |
Yen | 123.03 | -0.84 | -1.00% |
Oil | $86.85 | +$0.36 | +6.66% |
10-Year | 2.536% | +0.052 | -2.91% |
Bond | 130.6875 | -1.00 | -0.19% |
Dow | 11444.08 | +0.08% | +2.93% |
Nasdaq | 2578.98 | +0.06% | +2.85% |
S&P | 1225.85 | +0.39% | +3.60% |
The Metals:
Gold climbed to a new record high of $1394.20 in after hours access trade yesterday before it fell back off in Asia and London to as low as $1373.75 immediately following the release of this morning’s jobs report, but it then rallied to a new record high of $1397.89 in New York and ended with a gain of 1.07%. Silver climbed to a new 30-year high of $26.635 in early Asian trade before it fell back to $25.858 in early New York trade, but it also climbed back higher for most of the rest of trade and ended near its late morning high of $26.905 with a gain of 3.08% at a new 30-year high.
Euro gold rose to about €994 (still shy of its €1040 record of this past June 8th), platinum gained $17 to $1765 (well shy of its $2255 record set in 2008), and copper gained 4 cents to about $3.94 (still shy of its $4.08 record set in 2008).
Gold and silver equities rose almost 2% to new record highs by midmorning before they fell back to about unchanged in early afternoon trade, but they then bounced back higher in the last few hours of trade and ended with slight gains.
The Economy:
Report | For | Reading | Expected | Previous |
Nonfarm Payrolls | Oct | 151K | 60K | -41K |
Unemployment Rate | Oct | 9.6% | 9.6% | 9.6% |
Hourly Earnings | Oct | 0.2% | 0.1% | 0.1% |
Average Workweek | Oct | 34.3 | 34.2 | 34.2 |
Pending Home Sales | Sep | -1.8% | 2.5% | 4.4% |
Consumer Credit | Sep | $2.1B | -$3.5B | -$4.9B |
The BLS net birth/death adjustment added 61,000 jobs to October’s payrolls. Private payrolls rose 159,000.
Payroll Data Adjustment May Have Hid a Gain of 240,000 Jobs, Greenlaw Says Bloomberg
Fed Said to Plan Guidelines for Bank Dividends, Stock Buybacks Bloomberg
Fed's Bernanke `Doesn't Understand' Economics, Jim Rogers Says Bloomberg
All of this week’s other economic reports:
Next week’s economic highlights include Wholesale Inventories on Tuesday, Export and Import Prices, the Trade Balance, and the Treasury Budget on Wednesday, Initial Jobless Claims on Thursday, and Michigan Sentiment on Friday.
The Markets:
Charts Courtesy of http://finance.yahoo.com/
Oil rose to a new 2-year high above $87 in early trade, but it then fell back off in late trade and ended with only a modest gain as the U.S. dollar index rose on the stronger than expected jobs report that sent treasuries markedly lower.
The Dow, Nasdaq, and S&P traded mostly slightly lower but ended higher as traders digested strong gains seen earlier in the week.
Among the big names making news in the market Friday were Post, Beazer Homes, Toyota, Bank of America, Dish, Citigroup, AIG, and Pfizer.
The Commentary:
“Dear CIGAs,
“Strong resilience”, is the phrase that comes to mind when observing the price action in gold this morning. The Euro was clocked for a significant loss but that could not derail the dip buying in gold. This type of price action speaks volumes as it is indicative of strong investment demand that is obviously anticipating much higher prices ahead. Buyers are in control of gold; it is that simple.
Silver is experiencing the kind of demand that marks historic bull markets. Gains of the extent that it is displaying are evidence of distressed shorts being mercilessly attacked by strong handed bulls. Keep in mind that these shorts are not weak-handed, having had their way with this market for many years but it is clear from the extent of the gains being produced that large, well-funded and determined buyers have come into the silver pit with a steely determination to engage their enemies. A large contingent of the silver bears are hemorrhaging seriously and are beginning to abandon the field.
Open interest in both pits is continuing to rise so we do not as of YET have any solid evidence of a commercial signal failure, particularly in silver; however, there are a more than a few bears that have piggybacked the big shorts and they do not have the balance sheets that are capable of sustaining such sizeable losses. Those have no option but to cover and run and that is precisely what they are doing.
If the bulls do not blink, they are on the verge of breaking the backs of the silver shorts.
Silver seems to be pulling all of the metals higher with it. Palladium hit $700 this morning and platinum is within $15 of the $1800 level. Copper barely missed the $4.00 mark and looks as if it could take out that barrier next week. All of this is against a backdrop of a stronger Dollar coming off the payrolls report, which makes the gains in these metals all the more impressive.
The HUI continues building on yesterday’s upside gap performance and is giving every indication that this gap is a breakaway gap and the beginning of a very powerful upleg. Markets that gap above previous peaks and then show successive follow through as it is doing today are very infrequent and also very powerful. The price action may be interpreted as evidencing a seismic shift in sentiment that dramatically tips the balance between demand and supply in favor of the bulls. Buyers want in and evidently they do not care at what price and shorts want out and are not looking to tweak their exit but are in a genuine hurry to abandon the field of battle. If time permits, I will attempt to do some projections as to the level that the HUI may be expected to run. Initial support on any downside move begins with the gap from yesterday on the chart near the 540 level.
The Dollar has generated a bit of a pop on the news about payrolls showing some evidence of a pickup (I wonder how many of these jobs are temporary hiring in front of the upcoming Christmas holiday season) but even at that, it is not much considering the beating it has taken this past week. It would have to push past 78.50 to convince me that it is anything but a dead cat bounce.
Crude oil looked like it was going to make a go at breaking through upside resistance near $87 today as it clawed above that level but then fell back as the Dollar strengthened. I am still closely watching how it acts here to see if it is going to put in a fresh technical buy signal.”- Dan Norcini, More at JSMineset.com
GATA Posts:
J.S. Kim: How high would metals go if investment banks didn't rig markets?
Another class-action silver manipulation suit hits Morgan, HSBC
Ambrose Evans-Pritchard: Doubts grow about Bernanke's 'super put'
Jesse Ventura's 'Conspiracy Theory' features GATA chairman on Friday
Paul vows renewed push next year to audit Fed and gold reserves
The Statistics:
Activity from: 11/04/2010
Gold Warehouse Stocks: | 11,236,754 | +32,514 |
Silver Warehouse Stocks: | 109,181,642 | -1,002,114 |
Global Gold ETF Holdings
[WGC Sponsored ETF’s]
| Product name | Total Tonnes | Total Ounces | Total Value |
New York Stock Exchange Arca (NYSE Arca) AND Singapore Exchange (SGX) AND Tokyo Stock Exchange (TSE) AND Hong Kong Stock Exchange (HKEx) | SPDR® Gold Shares | 1292.189 | 41,545,185 | US$57,954m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) | Gold Bullion Securities | 122.40 | 3,935,122 | US$5,482m |
London Stock Exchange (LSE) AND NYSE Euronext Paris AND Borsa Italiana AND Frankfurter Wertpapierbörse (Deutsche Börse - Xetra) AND NYSE Euronext Amsterdam | ETFS Physical Gold | 130.97 | 4,210,799 | US$5,866m |
Australian Stock Exchange (ASX) | Gold Bullion Securities | 14.21 | 475,268 | US$637m |
Johannesburg Securities Exchange (JSE) | New Gold Debentures | 49.56 | 1,593,506 | US$2,201m |
NASDAQ Dubai | Dubai Gold Securities | 0.154 | 4,966 | US$7m |
Note: Change in Total Tonnes from yesterday’s data: The LSE ETFS subtracted 1.10 tonnes.
COMEX Gold Trust (IAU) Total Tonnes in Trust: 102.65 - No change from yesterday’s data.
Silver Trust (SLV) Total Tonnes in Trust: 10,137.92 - No change from yesterday’s data.
The Miners:
Tanzanian Royalty’s (TRE) private placement, Gammon Gold’s (GRS) expanded credit facility, IAMGOLD’s (IAG) third quarter production, Allied Nevada’s (ANV) third quarter results, Centerra’s (CG.TO) third quarter results, and Minefinders’ (MFN) credit facility approval were among the big stories in the gold and silver mining industry making headlines Friday.
WINNERS
1. Endeavour | EXK+11.81% $5.67 |
2. Vista Gold | VGZ +7.45% $3.03 |
3. Jaguar | JAG +6.62% $7.57 |
LOSERS
1. IAMGOLD | IAG-4.84% $18.50 |
2. Minco Gold | MGH -4.57% $1.46 |
3. Northgate | NXG -3.74% $2.83 |
Winners & Losers tracks NYSE and AMEX listed gold and silver mining stocks that trade over $1.
All of today's gold and silver stock news:
Osisko Releases Third Quarter 2010 Results - More
- November 05, 2010 | Item | ShareThis
Tanzanian Royalty Completes $4.8 Million Private Placement with Two European Investment Funds - "Tanzanian Royalty Exploration Corporation announces that an arm’s length private placement with two European investment funds has closed. The private placement consisted of an aggregate 800,000 common shares at a price of $6.052 per share, representing the five-day weighted average trading price of the common shares on the Toronto Stock Exchange for the period ended September 21, 2010 less a 15% discount, and an aggregate 200,000 common share purchase warrants exercisable at a price of $7.309 per share. In addition, the Company has paid a finder’s fee payable in 64,000 common shares at the subscription price of $6.052/share." More
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Portage Announces Completion of Business Combination With Rockport Mining Corp. and Listing on the Canadian National Stock Exchange - More
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Western Troy Announces Private Placement - More
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Matamec Updates the Local Communities and the Mining Financial Sector About the Heavy Rare Earths Kipawa Deposit - More
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General Moly Files Universal Registration Statement to Replace Expiring Registration Statement - More
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Minefinders Receives Approval for $50 Million Three Year Revolving Credit Facility With the Bank of Nova Scotia - "Minefinders Corporation Ltd. (TSX:MFL - News)(AMEX:MFN - News) is pleased to report it has received formal credit approval from The Bank of Nova Scotia ("BNS") for the renewal of the Company's existing US$50 million revolving credit facility." More
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Treasury Metals Revises Private Placement Financing Plans - More
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African Metals Corp. Provides Update on Drilling Activities at Its Luisha South and Kalande Projects, Katanga Provence, Democratic Republic of Congo - More
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Sunridge Gold Grants Options - More
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ATW to Recoup Environmental Bonds-Cancels Private Placement - More
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Duncan Park Shares to Resume Trading on TSX Venture Exchange Following Reactivation from NEX - More
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Macusani Yellowcake Completes $4.5 Million Private Placement - More
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Renaissance Gold Inc. Trading on the TSX-V Delayed - More
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First Nickel Files Technical Report - More
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Golden Valley Mines Ltd.: 2010 Exploration Activities and Exploration Program Updates - More
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White Canyon Uranium Limited: Initial Drilling at Lark Royal Project Hits 8' of 0.21% U308 - More
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St. Eugene Announces Update on Amisk Gold Project - More
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Rio Alto Announces Senior Management Appointments - More
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Gossan Acquires Control of The Claims Network Inc. - More
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SIRIOS: Numerous Gold Showings Discovered on Cheechoo, Region of the Future Eleonore Gold Mine, James Bay, Quebec - More
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Caldera Resources to Drill 10,000 Meters at Marjan Gold - Silver Project in Armenia - More
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Coastal Pacific Mining Corp. Enters Into Securities Purchase Agreement - More
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New Guinea Gold Announces Retirement of Robert McNeil - More
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Asia Now Welcomes New Director - More
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Forum Uranium Announces Board and Management; Grants Options - More
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Miranda Gold Signs Letter of Intent with Navaho Gold on TAZ Project - More
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Avaranta Resources to Merge With Evrim Metals - More
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Uranium Resources, Inc. Announces Exercise and Closing of Over-Allotment Option for Recent Public Offering - More
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Golden Predator Closes $6,675,000 Private Placement - More
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Everton Sells Its Sirmac Lithium Property to Exploration Nemaska Inc. - More
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Empire Signs Definitive Agreement Regarding Royalty Sale - More
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Globex Acquires North Star and Hurricane Point Gold Mine Properties in Nova Scotia - More
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Hinterland Acquires Culvert Property Adjacent to Northern Tiger 3Ace Property in Eastern Yukon - More
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Greenlight Resources to acquire Historic producing gold mining camp - Up to 9oz/t Gold in float - More
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Adventure Gold Appoints Michael Williams to the Board of Directors - More
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Klondex to Review Nevada High-Grade Gold Program at Tumazos Metals & Mining Conference Wednesday, November 10th at 2:20 P.M. ET - More
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Yukon-Nevada Gold Corp. Announces New Auditors - More
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Stroud Completes Portion of Private Placement - More
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Silver Shield Resources Corp Completes First Webinar Conference - More
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Molycorp Signs Rare Earth Sales Contracts with W. R. Grace & Co. - More
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Geovic Acquires Gold Exploration Permits in Whetstone Mountains, Arizona - More
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Formation Metals Inc.: Continued Positive Results From Formation Metals' Cobalt Mine Optimization Drilling - More
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Consolidated Thompson Iron Mines Reports First Profit and Positive Operating Cash Flow in Third Quarter 2010 - More
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Nemaska Exploration Inc. Acquires Sirmac Lithium Property - More
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Gammon Announces Expanded $100 Million Credit Facility - "Gammon Gold Inc. ("Gammon") (TSX:GAM.to - News): Gammon is pleased to announce that it has signed an expanded line of credit facility of up to US$100 million that will be provided equally by The Bank of Nova Scotia and Societe Generale. The facility will mature in 36 months with interest payable at a rate of LIBOR plus a margin of between 3.25-3.75%." More
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IAMGOLD Reports Record Third Quarter Production - "IAMGOLD Corporation ("IAMGOLD" or the "Company") (TSX:IMG - News)(NYSE:IAG - News)(BOTSWANA: IAMGOLD) today reported its unaudited interim consolidated financial and operating results for the third quarter ended September 30, 2010. Net earnings of $40.8 million ($0.11 per share), decreased $24.1 million from the third quarter of 2009. Adjusted net earnings(1) of $50.0 million ($0.13 per share(1)) decreased by $1.7 million from the third quarter of 2009 adjusted net earnings of $51.7 million ($0.14 per share). The primary factor between net earnings and adjusted net earnings was due to the impact of foreign exchange. In the third quarter of 2010, the Company incurred a foreign exchange loss of $9.3 million mainly related to the translation of the future income tax liabilities from local tax currencies. In the third quarter of 2009, there was an $11.6 million gain arising from foreign exchange variation on cash held in Canadian dollars resulting from the equity financing during the first quarter of 2009." More
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Allied Nevada Reports Strong Third Quarter Operating and Financial Results with Record Gold Sales of 30,585 Ounces - "This has been a great quarter, reporting record sales and operating cash flow. We are excited about the growth potential at Hycroft with the increased mineral resource estimate and continued encouraging drill results announced in the quarter," commented Scott Caldwell, President & CEO. "We look forward to completing the year on track operationally and financially." More
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Centerra Gold Reports Third Quarter Results, Net Earnings of $18 million or $0.07 per Share - "Centerra Gold Inc. (TSX:CG - News) today reported third quarter net earnings of $17.7 million or $0.07 per common share based on revenues of $115.5 million compared to net earnings of $20.2 million or $0.09 per common share on revenues of $158.8 million in the same quarter of 2009. As a result of the completion of the sale of the REN property early in the third quarter, the third quarter results include a gain of $34.9 million." More
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- Chris Mullen, Gold Seeker Report
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-- Posted 5 November, 2010 | |
